ASX 200 Hits 4-Week High on Global Ceasefire Lift

The ASX 200 soared 228 points or 2.6% to end at 8,957 on Wednesday, hovering at its highest level in four weeks and extending solid gains for the second session. A strong rally in U.S. stock futures buoyed sentiment after Washington and Tehran agreed to a two-week ceasefire. Prime Minister Anthony Albanese welcomed the development, but noted that Trump's rhetoric was worrying. In New Zealand, the Reserve Bank held its official cash rates steady at 2.25% for the second straight meeting, in line with estimates, as policymakers closely monitored the impact of the Middle East conflict and signaled their readiness to act decisively if cost pressures intensify. All major sectors in Australian markets except energy rose sharply. The "big four" banks jumped between 2.8% and 4%, while big miners such as Fortescue, BHP, and Rio Tinto rose between 2% and 4%. Energy stocks fell as the ceasefire triggered a sharp drop in oil prices, with Woodside Energy tumbling 11%, and Santos slipping 4.6%.

Australian equities jumped 235 points, or 2.7%, to 8,964 on Wednesday morning deals, continuing the bullish momentum from the prior session while holding at a four-week high, as nearly all sectors posted solid gains, including consumer durables, financials, healthcare, and logistics. A strong surge in U.S. stock futures boosted sentiment after President Trump announced a two-week delay to a planned U.S. attack on Iran, making more time for negotiations between the two sides. Meanwhile, Iran's supreme leader reportedly has signed off on the deal, according to several Iranian officials. Locally, personal spending in Australia rose 0.3% mom in February, matching January's pace and marking a second straight month of growth. Among early standouts were Evolution Mining (7.7%), Northern Star Resources (5.6%), and Macquarie Group (4.9%). The four largest banks soared between 3.2% to 3.7%. In contrast, fuel refiners and marketers slipped, particularly Ampol (-4.0%) and Viva Energy (-7.4%).

The ASX 200 jumped 149 points, or 1.7%, to close at 8,729 on Tuesday, its highest in nearly four weeks. Local markets rebounded from the prior session’s weakness as trading resumed post-Easter, with broad gains led by producer manufacturing, logistics, healthcare, and finance. Sentiment was buoyed by Wall Street’s S&P 500 and Nasdaq on Monday, which rose for the fourth straight session, ahead of a U.N. vote on protecting shipping in the Strait of Hormuz. Gains were limited, however, after Australia’s monthly inflation gauge surged 1.3% mom in March, reversing February’s 0.2% drop and marking the sharpest rise on record, underscoring renewed price pressures since H2 2025. Meanwhile, job ads shrank the most in six months, and services activity contracted for the first time in over two years. Standout performers included Lynas Rare Earths (4.6%), Greatland Resources (4.0%), Mineral Resources (3.4%), and BHP Group (2.9%). Meanwhile, the four largest banks gained between 1.7% and 2.6%.